Question 1

The term "opportunity recognition" refers to the process of perceiving the possibility of a profitable new business or a new product or service.

Accepted Answer

A) True 
 B)False

Question 2

Strong-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

Accepted Answer

A) True 
 B)False

Question 3

________ is the process of generating a novel or useful idea.

Accepted Answer

A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning 
A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning

Question 4

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as: ________.

Accepted Answer

A)  strong-tie relationships 
B)  moderate-tie relationships 
C)  lateral-tie relationships 
D)  weak-tie relationships 
E)  multiple-tie relationships 
A)  strong-tie relationships 
B)  moderate-tie relationships 
C)  lateral-tie relationships 
D)  weak-tie relationships 
E)  multiple-tie relationships

Question 5

Most entrepreneurs believe they are more "alert" than others.

Accepted Answer

A) True 
 B)False

Question 6

The number one rule for a brainstorming sessions is:

Accepted Answer

A)  no criticism is allowed 
B)  no freewheeling is allowed 
C)  no leapfrogging is allowed 
D)  no more than 10 people are allowed to participate 
E)  no wild or unrealistic ideas are allowed 
A)  no criticism is allowed 
B)  no freewheeling is allowed 
C)  no leapfrogging is allowed 
D)  no more than 10 people are allowed to participate 
E)  no wild or unrealistic ideas are allowed

Question 7

The process of perceiving the possibility of a profitable new business, product or service idea is referred to as:

Accepted Answer

A)  inspired detection 
B)  creative recognition 
C)  idea confirmation 
D)  opportunity recognition 
E)  inspired discovery 
A)  inspired detection 
B)  creative recognition 
C)  idea confirmation 
D)  opportunity recognition 
E)  inspired discovery

Question 8

The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration.

Accepted Answer

A) True 
 B)False

Question 9

Describe the difference between an idea and an opportunity. Why is the distinction important?

Accepted Answer

An opportunity is a favorable set of cir

Question 10

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

Accepted Answer

A)  Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. 
B)  The extent and depth of an individual's social network affects opportunity recognition. 
C)  Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry. 
D)  Creativity is the process of generating novel or useful ideas. 
E)  The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent. 
A)  Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. 
B)  The extent and depth of an individual's social network affects opportunity recognition. 
C)  Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry. 
D)  Creativity is the process of generating novel or useful ideas. 
E)  The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent.

Question 11

A(n) ________ is a physical or digital repository for storing ideas.

Accepted Answer

A)  suggestion bank 
B)  idea depository 
C)  suggestion pool 
D)  idea bank 
E)  proposition pool 
A)  suggestion bank 
B)  idea depository 
C)  suggestion pool 
D)  idea bank 
E)  proposition pool

Question 12

An opportunity has four essential qualities:

Accepted Answer

A)  attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
B)  practical, opportune, appropriate, and anchored in a product, service, or business that is efficient and effective 
C)  realistic, striking, timely, and anchored in a product, service, or business that is timely 
D)  attention-getting, attractive, timely, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
E)  attractive, durable, resilient, and opportune 
A)  attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
B)  practical, opportune, appropriate, and anchored in a product, service, or business that is efficient and effective 
C)  realistic, striking, timely, and anchored in a product, service, or business that is timely 
D)  attention-getting, attractive, timely, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
E)  attractive, durable, resilient, and opportune

Question 13

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

Accepted Answer

A)  Balanced relationships 
B)  Weak-tie relationships 
C)  Lateral-tie relationships 
D)  Moderate-tie relationships 
E)  Strong-tie relationships 
A)  Balanced relationships 
B)  Weak-tie relationships 
C)  Lateral-tie relationships 
D)  Moderate-tie relationships 
E)  Strong-tie relationships

Question 14

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.

Accepted Answer

A)  social forces 
B)  technological advances 
C)  legal changes 
D)  regulatory changes 
E)  economic forces 
A)  social forces 
B)  technological advances 
C)  legal changes 
D)  regulatory changes 
E)  economic forces

Question 15

Marie is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" the idea, which is her way of thinking it through, at both the conscious and unconscious level. The stage of the creative process that Marie is in while she is mulling over an idea is referred to as:

Accepted Answer

A)  preparation 
B)  insight 
C)  evaluation 
D)  elaboration 
E)  incubation 
A)  preparation 
B)  insight 
C)  evaluation 
D)  elaboration 
E)  incubation

The term "opportunity recognition" refers to the process of perceiving the possibility of a profitable new business or a new product or service.

Strong-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

________ is the process of generating a novel or useful idea.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as: ________.

Most entrepreneurs believe they are more "alert" than others.

The number one rule for a brainstorming sessions is:

The process of perceiving the possibility of a profitable new business, product or service idea is referred to as:

The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration.

Describe the difference between an idea and an opportunity. Why is the distinction important?

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

A(n) ________ is a physical or digital repository for storing ideas.

An opportunity has four essential qualities:

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 2: Recognizing Opportunities and Generating Ideas

The term "opportunity recognition" refers to the process of perceiving the possibility of a profitable new business or a new product or service.

Strong-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

________ is the process of generating a novel or useful idea.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as: ________.

Most entrepreneurs believe they are more "alert" than others.

The number one rule for a brainstorming sessions is:

The process of perceiving the possibility of a profitable new business, product or service idea is referred to as:

The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration.

Describe the difference between an idea and an opportunity. Why is the distinction important?

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

A(n) ________ is a physical or digital repository for storing ideas.

An opportunity has four essential qualities:

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters